Open source password manager Bitwarden raises $100M – TechCrunch


Bitwarden, an open-source password manager for enterprises and consumers, has raised $100 million in a funding round led by PSG, in the form of Battery Ventures.

In the year Founded in 2015, Santa Barbara, Calif.-based Bitwarden operates in a space that includes notable incumbents including 1Password, which recently hit a $6.8 billion valuation on the back of a $620 million funding round, and recently launched Lastpass. Two years after it re-entered the hands of private equity firms as an independent company.

In short, Bitwarden and its ilk allow people to automatically generate secure passwords and store all their unique passwords and sensitive information like credit cards in a secure digital repository, saving them from having to reuse an insecure password on all their relatives. Online accounts.

Bitwarden’s big difference, of course, is that it’s built on top of an open-source code base, which is great for security-conscious individuals and businesses — they can fully explore the platform’s inner workings. What’s more, people can contribute back to the codebase and accelerate the development of new features.

On top of the basic free service, Bitwarden ships with plenty of core features and services, including advanced enterprise features like single sign-on (SSO) integration and identity management.

Bitwarden

It’s worth noting that today’s “minority growth investment” represents Bitwarden’s first major external backing in its seven-year history, though we’re told it’s raising a little-known follow-up round in 2019. The world has changed in the following years. The rise of remote work, with people combining personal and work accounts on the same devices, means the same password is used across multiple services. And this kind of poor password and credential hygiene puts businesses at great risk.

In addition, increasing competition and investments in the management space means that Bitwarden cannot rest on its laurels – it must expand, and that is what the money will be used for. In fact, Bitwarden has confirmed plans to expand into a number of integrated security and privacy verticals, including password management – ​​which 1Password expanded into last year via its SecreHub acquisition.

“The timing of the investment is ideal as we continue to expand into opportunities in developer secrets, passwordless technologies and authentication,” Bitwarden CEO Michael Crandell said in a press release. “Above all, we aim to continue serving all Bitwarden users for the long term.”



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